FREE WRITING PROSPECTUS, DATED January 25, 2021

The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-228597) for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Deutsche Bank Securities Inc., Academy Securities Inc., Drexel Hamilton, LLC or any other underwriter or dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-831-9146.

The information in this file (the “File”) is an electronic copy of the information set forth in the Annex titled “Certain Characteristics of the Mortgage Loans and Mortgaged Properties” to the prospectus. This File does not contain all information that is required to be included in the prospectus. This File should be reviewed only in conjunction with the entire prospectus. Prospective investors are advised to read carefully, and should rely on, the prospectus relating to the certificates referred to herein in making their investment decision. Methodologies used in deriving certain information contained in this File are more fully described elsewhere in the prospectus. The information in this File should not be viewed as projections, forecasts, predictions or opinions with respect to value.

The information in this File is preliminary and may be amended and/or supplemented prior to the time of sale. The information in this File supersedes any contrary information contained in any prior File relating to the certificates and will be superseded by any contrary information contained in any subsequent File prior to the time of sale.

The securities related to this File are being offered when, as and if issued. This free writing prospectus is not an offer to sell or a solicitation of an offer to buy such securities in any state or other jurisdiction where such offer, solicitation or sale is not permitted. Such securities do not represent an interest in or obligation of the depositor, the sponsors, the originators, the master servicer, the special servicers, the trustee, the certificate administrator, the operating advisor, the asset representations reviewer, the controlling class representative, the risk retention consultation parties, the companion loan holders (or their representatives), the underwriters or any of their respective affiliates. Neither such securities nor the underlying mortgage loans are insured or guaranteed by any governmental agency or instrumentality or private insurer.

Any legends, disclaimers or other notices that may appear at the bottom of the email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) no representation being made that these materials are accurate or complete and that these materials may not be updated or (3) these materials possibly being confidential, are, in each case, not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.

Benchmark 2021-B23 Annex A

Control Number	Loan / Property Flag	Footnotes	Mortgage Loan Seller	Originator	Property Name	Related Group	Crossed Group
1	Loan	9, 10, 11, 125	JPMCB, GACC	JPMorgan Chase Bank, National Association and DBR Investments Co. Limited	860 Washington	Group 1	NAP
2	Loan	8, 12, 13, 14	GSMC	Goldman Sachs Bank USA	Millennium Corporate Park	NAP	NAP
3	Loan	8, 15, 16, 17, 18, 19, 20, 21	GACC	DBR Investments Co. Limited	360 Spear	NAP	NAP
4	Loan	8, 22, 23, 24, 25, 26, 27	GSMC	Goldman Sachs Bank USA	Phillips Point	NAP	NAP
5	Loan	8, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37	CREFI, GACC	Citi Real Estate Funding Inc., Barclays Capital Real Estate Inc., Deutsche Bank AG, acting through its New York Branch, Société Générale Financial Corporation	MGM Grand & Mandalay Bay	NAP	NAP
5.01	Property				MGM Grand
5.02	Property				Mandalay Bay
6	Loan	8, 38, 39, 40, 41, 42, 43, 44	JPMCB	JPMorgan Chase Bank, National Association	Pittock Block	NAP	NAP
7	Loan	45	GSMC	Goldman Sachs Bank USA	Waterway Plaza	NAP	NAP
8	Loan	46	CREFI	Citi Real Estate Funding Inc.	Leonardo DRS Industrial	NAP	NAP
9	Loan	8, 47, 48, 49, 50, 51, 52, 53, 54	JPMCB, GACC	JPMorgan Chase Bank, National Association, Bank of America, N.A, Column Financial, Inc. and DBR Investments Co. Limited	The Grace Building	NAP	NAP
10	Loan	8, 11, 55, 56, 57, 58, 59, 60, 61	JPMCB	JPMorgan Chase Bank, National Association	Station Park & Station Park West	Group 1	NAP
11	Loan	62	CREFI	Citi Real Estate Funding Inc.	First Central Tower	NAP	NAP
12	Loan		CREFI	Citi Real Estate Funding Inc.	Knitting Mills	NAP	NAP
13	Loan	8, 63, 126, 128	GACC	DBR Investments Co. Limited	First Republic Center	NAP	NAP
14	Loan	8, 64, 65, 66, 67, 68, 69	JPMCB	JPMorgan Chase Bank, National Association	Rugby Pittsburgh Portfolio	NAP	NAP
14.01	Property				Foster Plaza
14.02	Property				Cherrington Corporate Center
15	Loan	70	JPMCB	JPMorgan Chase Bank, National Association	Amazon Chicago-Pullman	NAP	NAP
16	Loan	8, 71, 72, 73	GSMC	Goldman Sachs Bank USA	JW Marriott Nashville	NAP	NAP
17	Loan	8, 11, 61, 74, 75	JPMCB	JPMorgan Chase Bank, National Association	The Village at Meridian	Group 1	NAP
18	Loan	8, 76, 77, 78, 79, 80, 81	GSMC	Goldman Sachs Mortgage Company and Goldman Sachs Bank USA	Selig Office Portfolio	NAP	NAP
18.01	Property				1000 Second Avenue
18.02	Property				2901 Third Avenue
18.03	Property				3101 Western Avenue
18.04	Property				300 Elliott Avenue West
18.05	Property				3131 Elliott Avenue
18.06	Property				2615 Fourth Avenue
18.07	Property				190 Queen Anne Avenue North
18.08	Property				200 First Avenue West
18.09	Property				18 West Mercer Street
19	Loan	11, 61	JPMCB	JPMorgan Chase Bank, National Association	The Trails at Silverdale	Group 1	NAP

Benchmark 2021-B23 Annex A

Control Number	Loan / Property Flag	Footnotes	Mortgage Loan Seller	Address	City	State	Zip Code
1	Loan	9, 10, 11, 125	JPMCB, GACC	860 Washington Street	New York	New York	10014
2	Loan	8, 12, 13, 14	GSMC	18200-18700 Northeast Union Hill Road	Redmond	Washington	98052
3	Loan	8, 15, 16, 17, 18, 19, 20, 21	GACC	360 Spear Street	San Francisco	California	94105
4	Loan	8, 22, 23, 24, 25, 26, 27	GSMC	777 South Flagler Drive	West Palm Beach	Florida	33401
5	Loan	8, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37	CREFI, GACC
5.01	Property			3799 South Las Vegas Boulevard	Las Vegas	Nevada	89109
5.02	Property			3950 South Las Vegas Boulevard	Las Vegas	Nevada	89119
6	Loan	8, 38, 39, 40, 41, 42, 43, 44	JPMCB	921 Southwest Washington Street	Portland	Oregon	97205
7	Loan	45	GSMC	10003 Woodloch Forest Drive	The Woodlands	Texas	77380
8	Loan	46	CREFI	W126N7353 & W126N7449 Flint Drive	Menomonee Falls	Wisconsin	53051
9	Loan	8, 47, 48, 49, 50, 51, 52, 53, 54	JPMCB, GACC	1114 Avenue of the Americas	New York	New York	10036
10	Loan	8, 11, 55, 56, 57, 58, 59, 60, 61	JPMCB	150 North Central Avenue and 1037 & 1070 West Park Lane	Farmington	Utah	84025
11	Loan	62	CREFI	360 Central Avenue	Saint Petersburg	Florida	33701
12	Loan		CREFI	830 & 835 Knitting Mills Way and 35 Innovation Way	Wyomissing	Pennsylvania	19610
13	Loan	8, 63, 126, 128	GACC	2100 El Camino Real	Palo Alto	California	94306
14	Loan	8, 64, 65, 66, 67, 68, 69	JPMCB
14.01	Property			415, 425, 601, 501 & 651 Holiday Drive and 681, 661 & 680 Andersen Drive	Pittsburgh	Pennsylvania	15220
14.02	Property			200, 300 & 600 Corporate Center Drive, 400 Fairway Drive and 500, 625 & 700 Cherrington Parkway	Coraopolis	Pennsylvania	15108
15	Loan	70	JPMCB	10500 South Woodlawn Avenue	Chicago	Illinois	60628
16	Loan	8, 71, 72, 73	GSMC	201 8th Avenue South	Nashville	Tennessee	37203
17	Loan	8, 11, 61, 74, 75	JPMCB	1600-2300 North Eagle Road	Meridian	Idaho	83642
18	Loan	8, 76, 77, 78, 79, 80, 81	GSMC
18.01	Property			1000 Second Avenue	Seattle	Washington	98104
18.02	Property			2901 Third Avenue	Seattle	Washington	98121
18.03	Property			3101 Western Avenue	Seattle	Washington	98121
18.04	Property			300 Elliott Avenue West	Seattle	Washington	98119
18.05	Property			3131 Elliott Avenue	Seattle	Washington	98121
18.06	Property			2615 Fourth Avenue	Seattle	Washington	98121
18.07	Property			190 Queen Anne Avenue North	Seattle	Washington	98109
18.08	Property			200 First Avenue West	Seattle	Washington	98119
18.09	Property			18 West Mercer Street	Seattle	Washington	98119
19	Loan	11, 61	JPMCB	11199 Pacific Crest Place	Silverdale	Washington	98383

Benchmark 2021-B23 Annex A

Control Number	Loan / Property Flag	Footnotes	Mortgage Loan Seller	General Property Type	Detailed Property Type	Year Built	Year Renovated	Units, Pads, Rooms, SF	Unit Description	Loan Per Unit ($)
1	Loan	9, 10, 11, 125	JPMCB, GACC	Mixed Use	Office/Retail	2016	NAP	117,230	SF	989.51
2	Loan	8, 12, 13, 14	GSMC	Office	Suburban	1999-2000, 2014	NAP	537,046	SF	245.79
3	Loan	8, 15, 16, 17, 18, 19, 20, 21	GACC	Office	CBD	1924	2000	179,277	SF	584.16
4	Loan	8, 22, 23, 24, 25, 26, 27	GSMC	Office	CBD	1985, 1988	2018-2020	448,885	SF	442.25
5	Loan	8, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37	CREFI, GACC	Hospitality	Full Service			9,748	Rooms	167,644.65
5.01	Property			Hospitality	Full Service	1993	NAP	4,998	Rooms
5.02	Property			Hospitality	Full Service	1999	NAP	4,750	Rooms
6	Loan	8, 38, 39, 40, 41, 42, 43, 44	JPMCB	Mixed Use	Office/Retail/Data Center	1913	2001	297,698	SF	473.63
7	Loan	45	GSMC	Office	Suburban	2000	NAP	223,516	SF	295.28
8	Loan	46	CREFI	Industrial	Flex	2000, 2019	2018-2019	491,476	SF	129.61
9	Loan	8, 47, 48, 49, 50, 51, 52, 53, 54	JPMCB, GACC	Office	CBD	1974	2018	1,556,972	SF	567.13
10	Loan	8, 11, 55, 56, 57, 58, 59, 60, 61	JPMCB	Mixed Use	Retail/Office/Hospitality	2011-2018	NAP	995,303	SF	119.26
11	Loan	62	CREFI	Office	CBD	1984	2016	247,540	SF	191.89
12	Loan		CREFI	Office	Suburban	1920, 2018	2018	262,415	SF	163.48
13	Loan	8, 63, 126, 128	GACC	Mixed Use	Office/Retail/Multifamily	2016	NAP	70,543	SF	589.71
14	Loan	8, 64, 65, 66, 67, 68, 69	JPMCB	Office	Suburban			1,056,658	SF	85.17
14.01	Property			Office	Suburban	1975, 1978, 1980, 1982-1985, 1987	NAP	674,625	SF
14.02	Property			Office	Suburban	1986, 1987, 1989, 1990, 1992, 1994	NAP	382,033	SF
15	Loan	70	JPMCB	Industrial	Warehouse/Distribution	2020	NAP	144,044	SF	246.45
16	Loan	8, 71, 72, 73	GSMC	Hospitality	Full Service	2018	NAP	533	Rooms	347,091.93
17	Loan	8, 11, 61, 74, 75	JPMCB	Retail	Anchored	2012	NAP	841,927	SF	78.39
18	Loan	8, 76, 77, 78, 79, 80, 81	GSMC	Office	CBD			1,635,466	SF	231.80
18.01	Property			Office	CBD	1986	NAP	450,254	SF
18.02	Property			Office	CBD	1982	NAP	276,770	SF
18.03	Property			Office	CBD	1984	NAP	187,852	SF
18.04	Property			Office	CBD	1981	NAP	218,723	SF
18.05	Property			Office	CBD	1986	NAP	190,459	SF
18.06	Property			Office	CBD	1975	NAP	123,749	SF
18.07	Property			Office	CBD	1974	NAP	84,605	SF
18.08	Property			Office	CBD	1971	NAP	67,601	SF
18.09	Property			Office	CBD	1984	NAP	35,453	SF
19	Loan	11, 61	JPMCB	Retail	Anchored	2015	NAP	225,643	SF	144.54

Benchmark 2021-B23 Annex A

Control Number	Loan / Property Flag	Footnotes	Mortgage Loan Seller	Ownership Interest	Original Balance ($)	Cut-off Date Balance ($)	Allocated Cut-off Date Loan Amount ($)	% of Initial Pool Balance	Balloon Balance ($)	Mortgage Loan Rate (%)
1	Loan	9, 10, 11, 125	JPMCB, GACC	Leasehold	116,000,000	116,000,000	116,000,000	7.6%	116,000,000	2.40000%
2	Loan	8, 12, 13, 14	GSMC	Fee Simple	105,000,000	105,000,000	105,000,000	6.9%	105,000,000	3.03200%
3	Loan	8, 15, 16, 17, 18, 19, 20, 21	GACC	Fee Simple	105,000,000	104,726,660	104,726,660	6.8%	86,962,963	2.7680625%
4	Loan	8, 22, 23, 24, 25, 26, 27	GSMC	Fee Simple	75,000,000	75,000,000	75,000,000	4.9%	75,000,000	3.340025%
5	Loan	8, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37	CREFI, GACC	Fee Simple	75,000,000	75,000,000	75,000,000	4.9%	75,000,000	3.55800%
5.01	Property			Fee Simple			40,875,000	2.7%
5.02	Property			Fee Simple			34,125,000	2.2%
6	Loan	8, 38, 39, 40, 41, 42, 43, 44	JPMCB	Fee Simple	75,000,000	75,000,000	75,000,000	4.9%	75,000,000	3.29940%
7	Loan	45	GSMC	Fee Simple	66,000,000	66,000,000	66,000,000	4.3%	66,000,000	3.26900%
8	Loan	46	CREFI	Fee Simple	63,700,000	63,700,000	63,700,000	4.2%	63,700,000	3.31000%
9	Loan	8, 47, 48, 49, 50, 51, 52, 53, 54	JPMCB, GACC	Fee Simple	60,000,000	60,000,000	60,000,000	3.9%	60,000,000	2.69210%
10	Loan	8, 11, 55, 56, 57, 58, 59, 60, 61	JPMCB	Fee Simple	58,700,000	58,700,000	58,700,000	3.8%	58,700,000	3.37700%
11	Loan	62	CREFI	Fee Simple	47,500,000	47,500,000	47,500,000	3.1%	40,490,872	3.42000%
12	Loan		CREFI	Fee Simple	42,900,000	42,900,000	42,900,000	2.8%	42,900,000	3.50000%
13	Loan	8, 63, 126, 128	GACC	Fee Simple	41,600,000	41,600,000	41,600,000	2.7%	41,600,000	2.327885%
14	Loan	8, 64, 65, 66, 67, 68, 69	JPMCB	Fee Simple	40,000,000	40,000,000	40,000,000	2.6%	34,073,604	3.39200%
14.01	Property			Fee Simple			24,390,915	1.6%
14.02	Property			Fee Simple			15,609,085	1.0%
15	Loan	70	JPMCB	Fee Simple	35,500,000	35,500,000	35,500,000	2.3%	35,500,000	3.48900%
16	Loan	8, 71, 72, 73	GSMC	Fee Simple/Leasehold	35,000,000	35,000,000	35,000,000	2.3%	35,000,000	3.13900%
17	Loan	8, 11, 61, 74, 75	JPMCB	Fee Simple	35,000,000	35,000,000	35,000,000	2.3%	35,000,000	3.49900%
18	Loan	8, 76, 77, 78, 79, 80, 81	GSMC	Fee Simple	34,100,000	34,100,000	34,100,000	2.2%	34,100,000	3.22200%
18.01	Property			Fee Simple			12,024,242	0.8%
18.02	Property			Fee Simple			5,135,354	0.3%
18.03	Property			Fee Simple			4,321,212	0.3%
18.04	Property			Fee Simple			3,788,889	0.2%
18.05	Property			Fee Simple			3,726,263	0.2%
18.06	Property			Fee Simple			2,242,020	0.1%
18.07	Property			Fee Simple			1,321,414	0.1%
18.08	Property			Fee Simple			1,002,020	0.1%
18.09	Property			Fee Simple			538,586	0.0%
19	Loan	11, 61	JPMCB	Fee Simple	32,615,100	32,615,100	32,615,100	2.1%	32,615,100	3.28200%

Benchmark 2021-B23 Annex A

Control Number	Loan / Property Flag	Footnotes	Mortgage Loan Seller	Administrative Fee Rate (%) (1)	Net Mortgage Loan Rate (%)	Monthly Debt Service ($) (2)	Annual Debt Service ($)	Pari Companion Loan Monthly Debt Service ($)	Pari Companion Loan Annual Debt Service ($)	Amortization Type
1	Loan	9, 10, 11, 125	JPMCB, GACC	0.00964%	2.39036%	235,222.22	2,822,666.64			Interest Only
2	Loan	8, 12, 13, 14	GSMC	0.00964%	3.02236%	268,984.72	3,227,816.64	69,167.50	830,010.00	Interest Only
3	Loan	8, 15, 16, 17, 18, 19, 20, 21	GACC	0.00964%	2.7584225%	526,086.08	6,313,032.96			Amortizing, Then Interest Only
4	Loan	8, 22, 23, 24, 25, 26, 27	GSMC	0.00964%	3.330385%	211,650.89	2,539,810.68	348,574.91	4,182,898.92	Interest Only
5	Loan	8, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37	CREFI, GACC	0.009015%	3.548985%	225,463.54	2,705,562.48	4,687,236.73	56,246,840.76	Interest Only - ARD
5.01	Property
5.02	Property
6	Loan	8, 38, 39, 40, 41, 42, 43, 44	JPMCB	0.01964%	3.279764%	209,076.82	2,508,921.84	183,987.59	2,207,851.08	Interest Only
7	Loan	45	GSMC	0.00964%	3.25936%	182,292.15	2,187,505.80			Interest Only
8	Loan	46	CREFI	0.01964%	3.29036%	178,146.19	2,137,754.28			Interest Only
9	Loan	8, 47, 48, 49, 50, 51, 52, 53, 54	JPMCB, GACC	0.01089%	2.68121%	136,474.51	1,637,694.12	1,871,975.42	22,463,705.04	Interest Only
10	Loan	8, 11, 55, 56, 57, 58, 59, 60, 61	JPMCB	0.01964%	3.35736%	167,485.91	2,009,830.92	171,195.14	2,054,341.68	Interest Only
11	Loan	62	CREFI	0.00964%	3.41036%	211,180.69	2,534,168.28			Interest Only, Then Amortizing
12	Loan		CREFI	0.00964%	3.49036%	126,862.85	1,522,354.20			Interest Only
13	Loan	8, 63, 126, 128	GACC	0.00964%	2.318245%	81,820.85	981,850.20			Interest Only - ARD
14	Loan	8, 64, 65, 66, 67, 68, 69	JPMCB	0.00964%	3.38236%	177,215.11	2,126,581.32	221,518.88	2,658,226.56	Interest Only, Then Amortizing
14.01	Property
14.02	Property
15	Loan	70	JPMCB	0.00964%	3.47936%	104,649.81	1,255,797.72			Interest Only
16	Loan	8, 71, 72, 73	GSMC	0.00964%	3.12936%	92,825.75	1,113,909.00	397,824.66	4,773,895.92	Interest Only
17	Loan	8, 11, 61, 74, 75	JPMCB	0.01964%	3.47936%	103,471.59	1,241,659.08	91,631.48	1,099,577.76	Interest Only
18	Loan	8, 76, 77, 78, 79, 80, 81	GSMC	0.01089%	3.21111%	92,830.15	1,113,961.80	1,139,300.60	13,671,607.20	Interest Only
18.01	Property
18.02	Property
18.03	Property
18.04	Property
18.05	Property
18.06	Property
18.07	Property
18.08	Property
18.09	Property
19	Loan	11, 61	JPMCB	0.02964%	3.25236%	90,441.22	1,085,294.64			Interest Only

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-228597-08

Footnotes to Annex A

(1)	The Administrative Fee Rate includes the Servicing Fee Rate, the Operating Advisor Fee Rate, the Trustee/Certificate Administrator Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate applicable to each Mortgage Loan.

(2)	The Monthly Debt Service ($) shown for Mortgage Loans with a partial interest-only period reflects the amount payable after the expiration of the interest-only period.

(3)	The open period is inclusive of the Maturity Date / ARD.

(4)	Underwritten NCF DSCR (x) is calculated based on amortizing debt service payments (except for interest-only loans).

(5)	Occupancy (%) reflects tenants that have signed leases, but are not yet in occupancy or may not be paying rent.

(6)	The lease expirations shown are based on full lease terms; however, in some instances, the tenant may have the option to terminate its lease prior to the expiration date shown. In addition, in some instances, a tenant may have the right to assign its lease or sublease the leased premises and be released from its obligations under the lease.

(7)	If the purpose of the Mortgage Loan was to finance an acquisition of the Mortgaged Property, the field "Principal's New Cash Contribution" reflects the cash investment by one or more of the equity owners in the borrower in connection with such acquisition. If the purpose of the Mortgage Loan was to refinance the Mortgaged Property, the field "Principal's New Cash Contribution" reflects the cash contributed to the borrower by one or more of the equity owners at the time the Mortgage Loan was originated.

(8)	The Cut-off Date Balance ($) reflects only the Mortgage Loan included in the Issuing Entity (which may be evidenced by one or more promissory notes); however, such Mortgage Loan is part of a Loan Combination comprised of such Mortgage Loan and one or more Pari Passu Companion Loan(s) and/or Subordinate Companion Loan(s) that are held outside the Issuing Entity, each of which is evidenced by one or more separate promissory notes. With respect to each such Mortgage Loan that is part of a Loan Combination, the Cut-off Date LTV Ratio (%), LTV Ratio at Maturity / ARD (%), Underwritten NCF DSCR (x), Debt Yield on Underwritten Net Operating Income (%), Debt Yield on Underwritten Net Cash Flow (%) and Loan Per Unit ($) calculations include any related Pari Passu Companion Loan(s) but exclude any related Subordinate Companion Loan. See “Description of the Mortgage Pool—The Loan Combinations” in the Preliminary Prospectus for more information regarding the Loan Combination(s).

(9)	The 860 Washington Mortgage Loan was co-originated by JPMorgan Chase Bank, National Association and DBR Investments Co. Limited.

(10)	The Mortgaged Property is newly acquired, and some historical financial information is not available.

(11)	The borrower of each of the Station Park & Station Park West Loan Combination, The Village at Meridian Loan Combination, The Trails at Silverdale Mortgage Loan, and the Treasure Valley Marketplace Mortgage Loan is indirectly owned or controlled by a joint venture between California State Teachers Retirement System ("CalSTRS") and CenterCal, LLC. In addition, the borrower of the 860 Washington Mortgage Loan is indirectly owned by the California Public Employees' Retirement System ("CalPERS"). Both CalSTRS and CalPERS are government agencies of the State of California and are overseen by the California Government Operation Agency.

(12)	The lockout period will be at least 25 payment dates beginning with and including the First Due Date in February 2021. For the purpose of this Preliminary Prospectus, the assumed lockout period of 25 payment dates is based on the expected Benchmark 2021-B23 securitization closing date in February 2021. The actual lockout period may be longer.

(13)	The increase from the Most Recent NOI ($) to Underwritten Net Operating Income ($) is primarily attributable to contractual rent steps through March 31, 2022 and the present value of contractual rent step increments over the remainder of the investment-grade tenant’s lease term, with staggered lease expirations running through April 30, 2028.

(14)	The Largest Tenant, Microsoft Corp., representing approximately 89.2% of the net rentable area, leases 199,843 SF expiring on April 30, 2028, 148,545 SF expiring on May 31, 2024 and 130,805 SF expiring on May 31, 2022.


(15)	The historical NOI figures represent only Verizon (with respect to its pre-expansion space) and Teleport Communications America, LLC (AT&T) as tenants paying rent. The increase from Most Recent NOI (if past 2019) ($) to Underwritten Net Operating Income ($) is a result of recent leasing including (i) the extension and expansion of the Verizon lease, (ii) the signing of the Lattice lease and (iii) the signing of the Vitalant lease, which together account for approximately 68.8% of underwritten base rent.

(16)	The Third Largest Tenant, Vitalant, has a fully executed lease; however, such lease does not commence until 180 days after the completion of the landlord’s work for Vitalant’s space, which has not yet been completed (and the commencement date may be delayed as described in footnote 21). The borrower has advised the landlord work is expected to be completed in May 2021. There is no assurance that such work will be completed by such time, or that the Vitalant lease will commence as expected or at all.

(17)	The Appraised Value ($) represents the “As Stabilized” appraised value and assumes all contractual tenant improvement and leasing commission obligations have been fulfilled and all tenants are paying unabated rent. At loan origination, the borrower reserved with the lender a gap and free rent reserve of approximately $6,703,964, an unfunded obligations reserve of approximately $8,608,319 and a holdback reserve for Vitalant of $8,042,501. The appraisal also concluded an "As Is" appraised value of $236.0 million as of November 30, 2020, which results in a Cut-off Date LTV ratio of 44.4% for the 360 Spear Mortgage Loan, 67.7% for the 360 Spear Loan Combination and 78.3% for the aggregate of the 360 Spear Loan Combination and the related mezzanine loan (together, the "360 Spear Total Debt") and a Maturity Date LTV Ratio of 36.8% for the 360 Spear Mortgage Loan, 60.2% of the 360 Spear Loan Combination and 70.7% for the 360 Spear Total Debt. Each appraised value is based on certain extraordinary assumptions, including the assumption that the Verizon tenant would modify its existing lease to provide an extension expiring at the end of December 2040 for all of its existing premises and a co-terminous expansion for expansion premises commencing January 2022, in each case, on terms provided to the appraisal firm. A modification on similar terms did become effective simultaneously with the purchase of the 360 Spear Mortgaged Property by the borrower. The Purchase Price of $165,468,922 did not reflect such lease extension and expansion.

(18)	The 360 Spear Loan Combination has a 10-year term, and will pay principal and interest monthly based on a 30-year amortization schedule for the first 60 months (with respect to principal, first to the 360 Spear Loan, until the 360 Spear Loan outstanding principal balance has been paid to zero, and second to the 360 Spear Trust Subordinate Companion Loan, until the 360 Spear Trust Subordinate Companion Loan outstanding principal balance has been reduced to zero), followed by an interest-only period of 60 months. On February 6, 2021 and each monthly payment date thereafter through and including the monthly payment date immediately preceding the monthly payment date occurring in February 2026, the borrower is required to make a payment of principal and interest equal to the monthly debt service payment amount.

(19)	The Purchase Price of $165,468,922 excludes seller credits estimated at approximately $9,531,078, which represent unpaid costs of the Vitalant landlord space ready/impact work of approximately $2,793,225 and tenant improvement and leasing commissions (“TI/LCs”) of approximately $6,737,853. The gross purchase price is $175,000,000.

(20)	The Largest Tenant, Verizon, leases 89,237 square feet which includes a 39,453 square foot expansion space. Verizon is not yet in occupancy of the expansion space and is not expected to take occupancy of such space until 2022. At origination, $4,311,127 was reserved in respect of free rent for the expansion space.

(21)	Vitalant recently executed an eight-year, six-month lease to occupy space on the first and second floors. The landlord is currently building out the space, and the lease term does not commence (such commencement date, the “Commencement Date”) until 180 days after the completion and delivery date of the landlord’s work (such completion date, the “Delivery Date”). If the Delivery Date does not actually occur by the date that is 12 months following the date on which the final form of the plans and specifications with respect to tenant improvement work pursuant to the Vitalant lease are actually delivered by the tenant to the landlord for the landlord's review and approval (the “Outside Delivery Date”), then the Commencement Date will be delayed day-for-day by each day that the Delivery Date is delayed beyond the Outside Delivery Date (except to the extent that such delay in the Delivery Date is caused by COVID-19 delays outside landlord’s or tenant’s reasonable control, force majeure, tenant delay, casualty or condemnation). Similarly, the tenant’s obligation to pay rent does not commence until the Commencement Date (subject to extension due to delays in completion of tenant’s work due to the COVID-19 pandemic). Vitalant is entitled to six months of free rent after the Commencement Date. The 360 Spear Loan Combination includes an approximately $1,041,156 reserve for gap rent in respect of the period between loan origination and the anticipated Delivery Date, an approximately $2,622,841 reserve for the remaining landlord work and an approximately $8,042,501 holdback reserve.

(22)	The lockout period will be at least 24 payment dates beginning with and including the First Due Date in March 2021. For the purpose of this Preliminary Prospectus, the assumed lockout period of 24 payment dates is based on the expected Benchmark 2021-B23 securitization closing date in February 2021. The actual lockout period may be longer.

(23)	The Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) are calculated utilizing the “Hypothetical As Is” appraised value of $289,000,000 as of December 15, 2020, which assumes that an additional $6.65 million would be reserved by the borrower for future tenant improvement allowances and leasing commissions. The Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) calculated based on the “As Is” appraised value of $282,000,000, as of December 15, 2020, are both 70.4%.

(24)	The Second Largest Tenant, Akerman, Senterfitt & Eidson, representing approximately 10.8% of the net rentable area, has two, one-time rights to reduce its premises and/or terminate its lease with respect to the entire premises effective October 31, 2023 or April 30, 2026, with nine months’ prior notice and payment of a reduction or termination fee.

(25)	The Third Largest Tenant, Affiliated Managers Group (AMG), representing approximately 8.6% of the net rentable area, is dark with respect to 15,176 SF of its space.

(26)	The Fourth Largest Tenant, Greenberg Traurig, representing approximately 6.7% of the net rentable area, subleases 2,796 SF to Frankel Loughran Starr & Vallone on a 24-month term through May 2021 at $34.00 PSF.

(27)	On each Due Date, if and to the extent the amount contained in the TI/LC reserve account is less than $6,650,000, the borrower is required to deposit into the TI/LC reserve account an Ongoing TI/LC Reserve ($) amount equal to approximately $18,704.

(28)	Each of the related Mortgaged Properties consist of a resort and casino and, as of the trailing twelve months ending September 30, 2020 (i) with respect to the MGM Grand Mortgaged Property, approximately 27.0% of the revenues were from hotel rooms, approximately 23.1% of the revenues were from food and beverage sales, approximately 26.9% of the revenues were from gaming, and approximately 23.1% of the revenues were from other sources and (ii) with respect to the Mandalay Bay Mortgaged Property, approximately 34.0% of the revenues were from hotel rooms, approximately 26.5% of the revenues were from food and beverage sales, approximately 17.5% of the revenues were from gaming, and approximately 22.0% of the revenues were from other sources.


(29)	The MGM Grand & Mandalay Bay Loan Combination is structured with an Anticipated Repayment Date (“ARD”) of March 5, 2030 and a final maturity date of March 5, 2032. After the ARD, the following structure will apply: (i) the interest rate will increase by 200 basis points over the greater of (x) 3.55800%, and (y)(1) the ARD Treasury Note Rate in effect on the ARD (such new rate, the “Adjusted Interest Rate”) plus (2) 1.77000%, (ii) amounts in the Excess Cash Flow Reserve Account (as defined in the related loan agreement) will be applied first to pay monthly additional interest amounts which, to the extent not paid, will be deferred (together with interest accrued thereon at the Adjusted Interest Rate) and added to the principal balance of the applicable note(s) comprising a portion of the MGM Grand & Mandalay Bay Loan Combination in the manner set forth in the MGM Grand & Mandalay Bay Loan Combination documents, and (iii) a full cash flow sweep to the extent of remaining amounts in the Excess Cash Flow Reserve will be applied to principal of the MGM Grand & Mandalay Bay Loan Combination in the manner set forth in the MGM Grand & Mandalay Bay Loan Combination documents. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—ARD Loans” in this Preliminary Prospectus.

(30)	The Appraised Value ($) of $4,600,000,000 as of January 10, 2020, set forth above is the appraised value solely with respect to real property at the MGM Grand & Mandalay Bay Mortgaged Properties, excluding personal property and intangible property attributable to the MGM Grand & Mandalay Bay Mortgaged Properties (the “Aggregate Real Property Appraised Value”). The appraisal also includes an “As Leased–Sale–Leaseback Appraised Value,” which is equal to the Aggregate Real Property Appraised Value. The Appraised Value of $7,352,600,000 (the “Aggregate As Is Appraised Value”) as of January 10, 2020, includes personal property and intangible property attributable to the MGM Grand & Mandalay Bay Mortgaged Properties. The personal property and intangible property relating to the MGM Grand & Mandalay Bay Mortgaged Properties is owned by the MGM tenant or certain sublessees at the MGM Grand & Mandalay Bay Mortgaged Properties that are wholly owned subsidiaries of MGM (the “MGM/Mandalay Operating Subtenants”) (as more particularly provided in the master lease), which granted a security interest in certain property of the MGM tenant and the MGM/Mandalay Operating Subtenants (with certain exclusions, including an exclusion for the intellectual property of MGM tenant (as more particularly described in the master lease); and provided that the FF&E is only transferred to the MGM Grand & Mandalay Bay Borrowers at no cost in the event of a termination of the master lease due to an event of default by the MGM tenant thereunder) in favor of the MGM Grand & Mandalay Bay Borrowers, and such security interest was collaterally assigned by the MGM Grand & Mandalay Bay Borrowers to the lender.

(31)	The Cut-off Date LTV Ratio (%) and the LTV Ratio at Maturity / ARD (%) are based on the Aggregate Real Property Appraised Value and are 35.5% and 35.5%, respectively, based on the MGM Grand & Mandalay Bay Senior Loan. Cut-off Date LTV Ratio (%) and the LTV Ratio at Maturity / ARD (%) based on the "Aggregate As Is Appraised Value" are 22.2% and 22.2%, respectively, based on the MGM Grand & Mandalay Bay Senior Loan.

(32)	The defeasance lockout period will be at least 35 payment dates beginning with and including the first payment date of April 5, 2020. The MGM Grand & Mandalay Bay Borrowers have the option to defease the MGM Grand & Mandalay Bay Loan Combination, in whole or in part, after the earlier to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized and (ii) February 14, 2023. The MGM Grand & Mandalay Bay Loan Combination may be prepaid in whole or in part at any time, subject to payment of the applicable yield maintenance premium if such prepayment occurs prior to September 5, 2029 (provided no yield maintenance will be due in connection with mandatory prepayments arising out of any casualty, condemnation or in connection with a Special Release or a Default Release (as defined in the Preliminary Prospectus)). The assumed lockout period of 35 payment dates is based on the expected BMARK 2021-B23 securitization closing date in February 2021. The actual lockout period may be longer.

(33)	Under the Master Lease, MGM Lessee II, LLC, (the “MGM Tenant”) is required to pay to the MGM Grand & Mandalay Bay Borrowers an initial lease rent of $292.0 million per annum ($159.0 million allocated to the MGM Grand Mortgaged Property and $133.0 million allocated to the Mandalay Bay Mortgaged Property, the “Master Lease Rent”), subject to annual increases of (i) 2.0% in years 2 through 15 of the initial lease term, and (ii) thereafter, the greater of 2.0% or CPI (CPI capped at 3.0%) for the remainder of the initial lease term. Additionally, MGM Resorts International (“MGM”) will be required to continue to invest in the MGM Grand & Mandalay Bay Mortgaged Properties, with (x) a minimum aggregate capital investment requirement of 3.5% of actual net revenues every five years (the first such period beginning January 1, 2020 and expiring December 31, 2024, and the second such period beginning January 1, 2021 and expiring December 31, 2025, and each five–year period thereafter on a rolling basis) in the aggregate for the MGM Grand & Mandalay Bay Mortgaged Properties (such amount not to be less than 2.5% of the actual net revenue of any individual Mortgaged Property) (collectively, the “Required CapEx”) and (y) a monthly reserve equal to 1.5% of actual net revenues which may be used for FF&E and on qualifying capital expenditures in satisfaction of the Required CapEx spend. The MGM Grand & Mandalay Bay Mortgaged Properties were acquired in a sale-leaseback transaction.

(34)	The Guarantors' liability for full recourse events is several and not joint and is capped at an amount equal to 10% of the aggregate outstanding principal balance of the MGM Grand & Mandalay Bay Loan Combination as of the date of the event. In addition, only the MGM Grand & Mandalay Bay Borrowers are liable for breaches of environmental covenants; provided, however, that if the MGM Grand & Mandalay Bay Borrowers fail to maintain an environmental insurance policy required under the MGM Grand & Mandalay Bay Loan Combination documents, the Guarantor is liable for losses other than (x) for any amounts in excess of the applicable coverage amounts under the environmental policy had the same been renewed, replaced or extended as required under the loan agreement and (y) for any amounts recovered under the environmental policy. In addition, recourse for transfers of the MGM Grand & Mandalay Bay Mortgaged Properties or controlling equity interests in the MGM Grand & Mandalay Bay Borrowers is loss recourse, rather than full recourse.

(35)	Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) is calculated using the appraised value of $4,600,000,000 as of January 10, 2020, set forth above, which is the appraised value solely with respect to real property at the MGM Grand & Mandalay Bay Mortgaged Properties, excluding personal property and intangible property attributable to the MGM Grand & Mandalay Bay Mortgaged Properties.

(36)	The increase by 10% or more from Most Recent NOI (if past 2019) ($) to Underwritten Net Operating Income ($) is a result of the temporary closure of the MGM Grand & Mandalay Bay Mortgaged Properties due to COVID-19. On May 1, 2020, MGM Resorts International reported that, as a result of the temporary closure of its domestic properties (which includes the MGM Grand & Mandalay Bay Mortgaged Properties) following the outbreak of COVID-19, its domestic properties (which includes the MGM Grand & Mandalay Bay Mortgaged Properties) were effectively generating no revenue, there were high levels of room and convention cancellation through the third quarter of 2020, and that, following the re-opening of its domestic properties (which includes the MGM Grand & Mandalay Bay Mortgaged Properties), it expected weakened demand in light of consumer fears and general economic uncertainty, among other things.

(37)	The MGM Grand & Mandalay Bay Loan Combination was co-originated by Citi Real Estate Funding Inc., Barclays Capital Real Estate Inc., Deutsche Bank AG, acting through its New York Branch and Société Générale Financial Corporation.

(38)	The Underwritten Net Operating Income ($) and the Underwritten Net Cash Flow ($) do not include underwriting for a new license agreement that is expected to be signed with a Fortune 10 technology company totaling $837,000 in underwritten rent.

(39)	The Loan Combination may be voluntarily prepaid in whole (but not in part) at any time during the term of the Loan Combination, other than within 60 days prior to or after a securitization of any portion of the Loan Combination, with the payment of a yield maintenance premium.

(40)	The Largest Tenant, LS Networks, leases 15,238 SF of which (i) 14,821 SF is office space leased for $22.73 PSF and is set to expire in July 2021 and (ii) 417 SF is storage space leased for approximately $8.49 PSF on a month to month basis. The Second Largest Tenant, Hennebery Eddy Architects, leases 13,696 SF of which (i) 13,522 SF is office space leased for $28.84 PSF and is set to expire in July 2027 and (ii) 174 SF is storage space leased for approximately $7.59 PSF on a month to month basis. The Third Largest Tenant, Sagacity Media Inc., leases 11,936 SF of which (i) 11,850 SF is office space leased for $24.13 PSF and is set to expire in March 2023 and (ii) 86 SF is storage space leased for approximately $6.28 PSF on a month to month basis. The Fourth Largest Tenant, Oregon Symphony, leases 10,701 SF of which (i) 10,229 SF is office space leased for $25.34 PSF and is set to expire in October 2023 and (ii) 472 SF is storage space leased for approximately $6.23 PSF on a month to month basis.

(41)	Approximately 55.6% of the underwritten rent at the Mortgaged Property is currently leased on month-to-month leases that comprise a large portion of data centers, colocations and "meet-me-rooms" spaces collectively referred to as the Pittock Internet Exchange ("Portland NAP"). The Portland NAP represents approximately 73.0% of the underwritten rent at the Mortgaged Property (excluding rent associated with the new license agreement expected to be signed with a Fortune 10 technology company). The second largest tenant of the Portland NAP by the underwritten colocation and cross connect rent, Facebook, has three separate license agreements for colocation space of which (i) two license agreements collectively representing $1,458,000 in underwritten rent are set to expire in January 2025 and (ii) one license agreement representing $525,600 in underwritten rent is on a month to month basis. The fourth largest tenant of the Portland NAP by the underwritten colocation and cross connect rent, Zayo, has seven separate license agreements for the colocation space of which (i) one license agreement representing $364,152 in underwritten rent is set to expire in December 2022, (ii) two license agreements collectively representing $174,840 in underwritten rent are on a month to month basis, (iii) two license agreements collectively representing $127,296 in underwritten rent are set to expire in March 2021, (iv) one license agreement representing $122,400 in underwritten rent is set to expire in July 2021 and (v) one license agreement representing $112,800 in underwritten rent is set to expire in April 2021. Please see “Annex B – Significant Loan Summaries – Loan #6 Pittock Block” for additional information related to the Portland NAP.

(42)	At loan origination, the borrower reserved a $7,500,000 holdback to be released upon either of the following events: (a) the borrower enters into a data license agreement with the largest tenant of the Portland NAP, a Fortune 10 technology company, which demises no fewer than 31 cabinets at the Mortgaged Property and provides for annual rent/license fees in an amount not less than $837,000 (the “Data License”), and any payment concessions in favor of the tenant/licensee and/or obligations of the borrower to perform and/or pay for any work in connection with the applicable Data License have either been completed and satisfied in full or the reserve funds have been established with the lender for the purpose of covering the same; or (b) the Mortgaged Property achieves a debt service coverage ratio of 1.95x and a loan to value ratio of 51%.


(43)	The Loan Combination documents permit the owner of 100% of the direct or indirect interest (the “BMO Mezzanine Equity Collateral”) in the borrower to incur mezzanine financing (the “BMO Mezzanine Loan”) secured by the BMO Mezzanine Equity Collateral (the “Borrower Mezzanine Option”) once during the term of the Loan Combination, upon satisfaction of certain terms and conditions set forth in the Loan Combination documents, including, without limitation, the following: (a) the resulting combined debt service coverage ratio equals or exceeds 1.96x and the resulting combined loan-to-value ratio is equal to or less than 51%; (b) the term of the BMO Mezzanine Loan is co-terminous with the Pittock Block Loan Combination; (c) the parties have entered into an intercreditor agreement; and (d) a rating agency confirmation.

(44)	The carveout guarantor, pursuant to the related carveout guaranty agreement, and HSRE Social Infrastructure REIT Holding I, LLC, a Delaware limited liability company, pursuant to a separate guaranty agreement provided solely in connection with the Oregon Enforcement Moratorium (the “Oregon Moratorium Guaranty Agreement”), have each provided (i) a recourse for losses if the lender is actually unable to exercise any remedies set forth in the Mortgage Loan documents (other than a Foreclosure Remedy, as defined below), and (ii) full recourse in the event that, after the occurrence of an event of default, the lender is actually unable to (including, without limitation, if the lender is forced to forbear from) foreclose, appoint a receiver, accept a deed-in-lieu or take any other similar action to dispossess the borrower of the Mortgaged Property in connection with an exercise of remedies under the Mortgage Loan documents (a “Foreclosure Remedy”) as a direct result of the Oregon Enforcement Moratorium.

(45)	The increase from the Most Recent NOI ($) to Underwritten Net Operating Income ($) is primarily attributable to contractual rent steps through February 28, 2022 and the present value of contractual rent step increments over the remainder of the investment-grade tenant’s lease term, which runs through July 31, 2030. The Most Recent cash flow is based on the trailing nine-month period annualized ending on September 30, 2020.

(46)	Historical occupancy is not available as the Mortgaged Property was recently acquired at origination.

(47)	The Loan Combination was co-originated by Bank of America, N.A., JPMorgan Chase Bank, National Association, Column Financial, Inc., and DBR Investments Co. Limited.

(48)	The Underwritten Net Operating Income ($) is more than 10% higher than the Most Recent NOI ($) because of recent turnovers of some of the largest tenant spaces, including four of the five largest tenants moving out between 2016 and 2018.

(49)	The lockout period will be 26 payments beginning with and including the first payment date of January 6, 2021. The borrower may defease The Grace Building Loan Combination after the earlier to occur of (a) the date that is two years from the securitization of the last note to be securitized or (b) three years after the Origination Date (the "Defeasance Lockout Expiration Date"). In addition, the borrower may prepay the Loan Combination, in whole but not in part, on a business day on or after the Defeasance Lockout Expiration Date, with the payment of a prepayment fee equal to the greater of the yield maintenance amount or 1% of the unpaid principal balance as of such prepayment date. The assumed lockout period of 26 payments is based on the expected Benchmark 2021-B23 securitization closing date in February 2021. The actual lockout period may be longer.

(50)	The Second Largest Tenant at the related Mortgaged Property, The Trade Desk, has the right to terminate its lease (i) solely as to the 26th and 27th floors of the Mortgaged Property if the commencement date of its lease does not occur for such spaces by May 31, 2021, as such date may be extended by force majeure (not to exceed 150 days in the aggregate) and (ii) solely as to either or both of the 26th and 27th floors of the Mortgaged Property, consisting of a portion of its leased space (the “Trade Desk Additional Premises”), effective as of the last day of the month in which the seventh anniversary of the commencement date for the Trade Desk Additional Premises occurs and with the payment of a termination fee. The Third Largest Tenant at the related Mortgaged Property, Israel Discount Bank, has (i) a one-time right to terminate its entire leased space, effective as of December 31, 2035, with not less than 21 months’ prior written notice, and (ii) the right to terminate the lease with respect to the ground floor only, effective (at the tenant’s option) on either the fifth anniversary or the tenth anniversary of the rent commencement date, with not less than 15 months’ prior written notice.

(51)	The Largest Tenant, Bank of America, N.A., is one of the originating lenders of the Loan Combination.

(52)	The following tenants, among others, are each in a free rent period: (a) the Largest Tenant, Bank of America, N.A. (representing approximately 10.0% of the net rentable square footage at the Mortgaged Property) is in a free rent period through January 2021 (provided, however, the tenant is required to begin paying rent with respect to a portion of its premises in February 2021 and with respect to the remaining portion of its premises in April 2021); (b) the Second Largest Tenant, The Trade Desk (representing approximately 9.9% of the net rentable square footage at the Mortgaged Property), is in a free rent period through September 2021; and (c) the Fifth Largest Tenant, Insight Venture Management LLC (representing approximately 6.0% of the net rentable square footage at the Mortgaged Property), is in a free rent period through May 2022. In addition, the Third Largest Tenant, Israel Discount Bank (representing approximately 9.2% of the net rentable square footage at the Mortgaged Property), is in a gap rent period. With respect to Israel Discount Bank, the landlord has completed its required work and delivered the space to the tenant, and, therefore, the tenant was expected to (x) take possession of the space and commence paying rent in January 2021 and (y) commence paying operating expenses and real estate taxes in January 2022. Further, with regard to The Trade Desk, the lease commencement date for the 26th and 27th floors will occur upon the earlier of (i) substantial completion of the work to be performed by the landlord and (ii) the date that The Trade Desk first takes possession of the space for any purpose other than taking measurements, performing layouts and surveys or preparing plans and specifications. To cover the foregoing, along with free rent periods for other smaller tenants, the borrower reserved approximately $25,964,570 at origination.

(53)	The aggregate liability of the Carve-out Guarantors with respect to the guaranteed recourse obligations of the borrower related to any bankruptcy event with respect to the borrower may not exceed an amount equal to 15% of the principal balance of The Grace Building Loan Combination outstanding at the time of the occurrence of such event, plus any and all reasonable third-party costs actually incurred by the lender (including reasonable attorneys’ fees and costs reasonably incurred) in connection with the collection of amounts due thereunder.

(54)	An affiliate of the borrower is permitted to incur future mezzanine debt (secured by a pledge of direct equity interests in the borrower), provided that among other conditions: (i) no event of default is continuing; (ii) the principal amount of the mezzanine loan may not exceed an amount which, when combined with the Grace Building Loan Combination results in (a) a loan-to-value ratio greater than 58.14% or (b) a debt yield less than 8.35%; (iii) the mezzanine loan is co-terminus with the Grace Building Loan Combination or is freely prepayable after the maturity date of the Grace Building Loan Combination; (iv) the mezzanine loan is interest-only; (v) an intercreditor agreement is executed that is acceptable to the lender and the rating agencies; and (vi) a rating agency confirmation is delivered by each rating agency rating securities backed by the Grace Building Loan Combination.

(55)	The underwritten income from the hotel portion of the Mortgaged Property is $119,039, or approximately 0.5% of the Underwritten EGI ($).

(56)	The borrower is the ground lessor to ground leases with a number of small tenants.


(57)	The hotel portion of the Mortgaged Property occupied by Hyatt Place is subject to an operating lease between Station Park Centercal Owner, LLC, as lessor, and Station Park Hotel Centercal Owner, LLC, as lessee under such operating lease.

(58)	The Fifth Largest Tenant at the related Mortgaged Property, Vista Outdoor, has a continuing option to terminate its lease with respect to all or a portion of its premises on and after June 1, 2023, with at least a nine months’ prior written notice and the payment of a termination fee.

(59)	Pursuant to a sublease (the “Sublease”) executed on December 1, 2020, between Life Engineering, the Fourth Largest Tenant at the Mortgaged Property, as subtenant, and Pluralsight, LLC, the current prime tenant whose lease expires on February 28, 2021, Life Engineering is subleasing its space from Pluralsight through February 28, 2021. According to the borrower, Life Engineering is in occupancy of a portion of the space under the Sublease. Life Engineering has executed a lease and will become a direct tenant under the new lease (the “New Lease”). The rent commencement date with respect to the New Lease will occur 90 days following delivery of the related space, which is anticipated to be on or before March 1, 2021. The Fifth Largest Tenant, Vista Outdoor (“Vista”) has entered into a sublease of its entire space with El Morro Holdings, Inc. (“El Morro”), as the subtenant. Pursuant to the sublease, upon a natural expiration of or an earlier termination of Vista’s current lease (the “Prime Lease”), the Prime Lease would be assigned over to El Morro, upon which event the term of the Prime Lease would be extended to May 31, 2028.

(60)	The Fourth Largest Tenant at the related Mortgaged Property, Life Engineering, has signed its lease but has not taken occupancy of its space or commenced paying rent. The lease commences in March 2021 and the tenant has three months of free rent.

(61)	There is no separate Carve-out Guarantor or environmental indemnitor, and the borrower is the sole party responsible for breaches or violations of the nonrecourse carve-out provisions in the related Mortgage Loan documents. At origination of the Mortgage Loan, the borrower obtained an environmental insurance policy issued from Ironshore Specialty Insurance Company in the name of the borrower, with the lender as additional named insured with its successors, assigns and/or affiliates, with per incident and aggregate limits of $10,000,000, a $50,000 per incident self-insured retention and a term expiring on October 5, 2022.

(62)	The Third Largest Tenant, RGN-St. Petersburg II, LLC, has the right to terminate its lease effective October 31, 2022 upon nine months’ notice and an $800,000 termination fee.

(63)	The First Republic Center Mortgage Loan is structured with an Anticipated Repayment Date (an “ARD”) of January 6, 2031 and a final maturity date of October 6, 2037. After the ARD, the following structure will apply: (i) the interest rate will be equal to 250 basis points over the greater of (x) the initial interest rate (the “Initial Interest Rate”) and (y) (1) the 10-year swap rate in effect on the ARD plus (2) the spread of 1.379885% (the “Adjusted Interest Rate”), (ii) interest will continue to be paid on the First Republic Center loan at the Initial Interest Rate, and amounts accrued at the excess of the Adjusted Interest Rate over the Initial Interest Rate (such amounts, together with accrued interest thereon at the Adjusted Interest Rate, the “Accrued Interest”), will be deferred and added to the principal balance of the First Republic Center loan, and (iii) a full cash flow sweep to the extent of remaining amounts in the excess cash flow reserve will be applied to the principal of the First Republic Center loan, then to pay Accrued Interest on the First Republic Center loan. The metrics presented in the Annex A are calculated based on the ARD.

(64)	Approximately 2.3% of the net rentable area at the Mortgaged Property is retail and approximately 0.5% of the net rentable area at the Mortgaged Property is storage.

(65)	The borrower provided financials only with respect to the portfolio in the aggregate and not with respect to the individual portfolio properties.

(66)	The related Mortgage Loan documents permit the release of certain vacant outparcels at the Mortgaged Properties (each, a “Release Outparcel”), subject to the satisfaction of certain conditions set forth in the Mortgage Loan documents, including, without limitation, the following: (a) the applicable Release Outparcel is vacant, unimproved (except for surface parking) and non-income producing; (b) the applicable Release Outparcel may not be released and conveyed to an affiliate of the borrowers; (c) the release of such Release Outparcel does not result in a material adverse effect or materially impair the operation, value or use of the Mortgaged Properties continuing to be subject to the liens of the mortgage after such release; (d) the borrowers pay the Mortgage Loan in an amount equal to (i) with respect to the Release Outparcel identified as the Outparcel A, the greater of (x) 100% of the net sales proceeds from the sale of Outparcel A and (y) 90% of the gross sales proceeds from such sale, but in no event less than $1,020,000 and (ii) with respect to the Release Outparcel identified as the Outparcel B, 100% of the net sales proceeds from the sale of Outparcel B, but in no event less than 90% of the gross sales proceeds from such sale; and (e) satisfaction of customary REMIC conditions and, if necessary, delivery of a REMIC opinion.

(67)	The Largest Tenant at the Rugby Pittsburgh Portfolio – Cherrington Corporate Center Mortgaged Property, Chevron USA, has a one-time option to terminate its lease with respect to either (i) the entirety of its premises or (ii) one or more contiguous floors out of its premises effective as of August 31, 2023, with at least a 12-month notice and the payment of a termination fee. The Second Largest Tenant, Mortgage Connect has the right to terminate its lease with respect to the first floor, totaling 8,327 SF upon 120 days’ notice and the payment of a termination fee with such termination to be effective as of i) April 30, 2025 or ii) April 30, 2026. The Third Largest Tenant, Waste Management of PA, Inc. has a one-time option to terminate its lease effective as of August 1, 2023, with a 12-month written notice and the payment of a termination fee.

(68)	The Second Largest Tenant at the Rugby Pittsburgh Portfolio – Foster Plaza Mortgaged Property, Wexford Health Sources, Inc. has a one-time option to terminate its lease with respect to either (i) a portion of its second floor premises consisting of 5,000 rentable square feet, or (ii) the entirety of its second floor premises (as elected, the "Termination Premises"), effective as of either (x) February 28, 2022; or (y) February 28, 2023 (as applicable, the "Early Termination Date"), with a written notice by not later than August 31, 2021, or August 31, 2022, respectively, and the payment of a termination fee.

(69)	The Second Largest Tenant at the Rugby Pittsburgh Portfolio – Cherrington Corporate Center Mortgaged Property, Mortgage Connect (representing approximately 17.5% of the net rentable square footage at the Mortgaged Property), benefits from rent abatements through March 2022 in the total contractual amount of $1,260,196. The full amount of the contractual rent abatement was reserved at origination.

(70)	The Mortgaged Property is newly acquired, and some historical financial information is not available.


(71)	The lockout period will be at least 35 payment dates beginning with and including the First Due Date in April 2020. For the purpose of this Preliminary Prospectus, the assumed lockout period of 35 payment dates is based on the expected Benchmark 2021-B23 securitization closing date in February 2021. The actual lockout period may be longer.

(72)	The increase from the Most Recent NOI ($) to Underwritten Net Operating Income ($) is primarily attributable to underwriting stabilized hotel operations pre-COVID-19 as of the trailing 12-month period ending on January 31, 2020. The latest trailing 12-month period ending on September 30, 2020 reflects the months heavily impacted by COVID-19. Additionally, the borrower sponsor has posted an 18-month debt service reserve equal to $8,831,707, which will be applied to monthly debt service payments through March 2022.

(73)	Beginning on the Due Date in April 2021, the Ongoing Replacement Reserve ($) is an FF&E reserve in an amount equal to (i) for the Due Dates through and including July 2023, 3% of the gross revenues of the Mortgaged Property for the prior calendar month and (ii) thereafter, 4% of the gross revenues of the Mortgaged Property for the prior calendar month.

(74)	The lockout period will be at least 24 payments beginning with and including the first payment date of March 5, 2021. The borrower has the option to defease the full $65,995,000 of The Village at Meridian Loan Combination after the earlier to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized and (ii) the fourth anniversary of the first payment date. The assumed lockout period of 24 payments is based on the expected Benchmark 2021-B23 securitization closing date in February 2021. The actual lockout period may be longer.

(75)	The Third Largest Tenant, OpSec Online LLC, has subleased 13,500 SF of its total lease area of 40,805 SF to Engage Technologies Group, Inc. for 52 months. The term of the sublease commenced on November 1, 2020, and expires on February 27, 2025, one day before the expiration date of the prime lease.

(76)	The Selig Office Portfolio Mortgage Loan, evidenced by the non-controlling Note A-5, is part of a loan combination consisting of five pari passu notes with an outstanding aggregate principal balance as of the Cut-off Date of $379,100,000. The companion loans, which have an outstanding aggregate principal balance as of the Cut-off Date of $345,000,000, were funded by Goldman Sachs Mortgage Company on March 19, 2015 and are not included in this securitization. The loan agreement grants the borrower a one-time right to incur future secured pari passu debt. In accordance with the loan agreement, on December 29, 2020, Goldman Sachs Bank USA funded the Selig Office Portfolio Mortgage Loan, which has an outstanding principal balance as of the Cut-off Date of $34,100,000. The Selig Office Portfolio Mortgage Loan has an interest rate of 3.22200% per annum, and the companion loans have an interest rate of 3.90850% per annum.

(77)	The reserve accounts in this Annex A include the amounts escrowed at origination of the companion loans in March 2015. Current balances in the accounts may differ. At origination of the Selig Office Portfolio Mortgage Loan, the borrower was required to fund an additional approximately $449,438 into the Unfunded Obligations Reserve account.

(78)	The Third Largest Tenant, Housing Finance Commission, representing approximately 5.9% of the net rentable area, leases 26,014 SF expiring on June 30, 2021 and 426 SF on a month-to-month basis. The Fourth Largest Tenant, Bader Martin, PS, representing approximately 4.6% of the net rentable area, leases 20,401 SF expiring on December 31, 2027 and 426 SF on a month-to-month basis.

(79)	The Largest Tenant, CTI BioPharma Corp., representing approximately 35.2% of the net rentable area, subleases its entire space to Cascadian Therapeutics, Inc. through April 2022 at $20 PSF with annual increases of $1 PSF.

(80)	The Largest Tenant, TCS & Starquest Expeditions, Inc., representing approximately 14.8% of the net rentable area, leases 20,286 SF expiring on December 15, 2021 and 7,969 SF expiring on November 30, 2021.

(81)	The Second Largest Tenant, Lovsted Worthington, representing approximately 7.8% of the net rentable area, leases 5,255 SF expiring on January 31, 2021. Lovsted Worthington is expected to vacate its space at the end of the lease term. Windward Environmental, LLC has executed a new lease for the space (remeasured as 5,471 SF) beginning in May 2021 at $29 PSF with an 18-month term. We cannot assure you that Windward Environmental, LLC will take occupancy or begin paying rent as anticipated or at all.

(82)	The 711 Fifth Avenue Loan Combination was co-originated by Goldman Sachs Bank USA and Bank of America, N.A.

(83)	The Mortgaged Property includes 286,226 SF of office space, constituting approximately 84.2% of the net rentable area at the Mortgaged Property, and 53,798 SF of retail space, constituting approximately 15.8% of the net rentable area at the Mortgaged Property.

(84)	The “As Is” appraised value of $1,000,000,000 as of January 23, 2020 includes the extraordinary assumption that the timely and workmanlike completion of certain scheduled renovations and improvements will be commensurate to similar Class A and Class B office buildings in the competitive marketplace.


(85)	The Third Largest Tenant, Ralph Lauren, representing approximately 11.4% of the net rentable area, is dark with respect to 31,202 SF of its space. The tenant continues to operate the 7,436 SF Polo Bar, which is open for takeout and delivery, at the 711 Fifth Avenue Mortgaged Property. If the borrower believes the tenant has ceased retail operations in all of the premises under the related lease, the borrower may give notice thereof to the tenant. Within 30 days after the borrower gives such notice, the tenant must notify the borrower whether the tenant intends to cease retail operations at the premises. If the tenant notifies the borrower of its intent to cease such retail operations, the borrower has the right to terminate the lease. Pursuant to the terms of the lease and the loan documents, the tenant may not sublease the space to an unaffiliated third party without the consent of the borrower and the lender (in each case, which consent may not be unreasonably withheld, conditioned or delayed). It is not expected that any such sublease arrangement will relieve the Ralph Lauren tenant of its obligations under the lease (including the obligation to pay rent). We cannot assure you that a sublease will be executed or approved. Ralph Lauren has requested to sublease its premises to Mango, a Spanish retail chain. However, the borrower has rejected the request and Ralph Lauren has filed for arbitration. See “Description of the Mortgage Pool—Litigation and Other Legal Considerations”.

(86)	At origination, the borrower funded $2,000,000 for estimated costs in connection with obtaining a new temporary or permanent certificate of occupancy to replace the temporary certificate of occupancy that expired in November 2019. The borrower obtained a temporary certificate of occupancy that was effective as of March 24, 2020, and the $2,000,000 has been disbursed to the borrower.

(87)	On each monthly payment date beginning in January 2022, the borrower is required to deposit into the FF&E reserve an amount equal to 1/12 of (a) with respect to the period commencing on January 1, 2022 and ending on December 31, 2022, 2.5%, (b) with respect to the period commencing on January 1, 2023 and ending on December 31, 2023, 3.25%, and (c) with respect to the period commencing on January 1, 2024 and ending on the maturity date, 4%, in each case, the greater of (x) the annual gross revenues for the hotel related operations at the Hotel ZaZa Houston Museum District Mortgaged Property for the immediately preceding calendar year as reasonably determined by lender and (y) the projected annual gross revenues for the hotel related operations at the Hotel ZaZa Houston Museum District Mortgaged Property for the calendar year in which such monthly payment date occurs as set forth in the approved annual budget.

(88)	The Hotel ZaZa Houston Museum District Mortgage Loan was recently modified to create a $2,311,667 debt service reserve by converting approximately $945,384 in existing FF&E reserves as well as a $1,248,110 new cash contribution by the sponsor, and an additional deposit received from the borrower on the monthly payment date occurring in January 2021 of $118,173. The debt service reserve will only be released upon the Hotel ZaZa Houston Museum District Property achieving a 9.5% net cash flow debt yield on a trailing 12 month basis for two consecutive quarters, with approximately $1.16 million being allocated back to FF&E reserve and approximately $1.16 million being remitted back to the borrower. The FF&E reserve monthly deposits will be waived for the 2021 calendar year, after which the FF&E reserve will follow the step-up structure of 2.50% in 2022, 3.25% in 2023, and 4.00% in 2024 and thereafter. Lastly, the debt yield cash management trigger will be temporarily waived until January 2023, however, cash management will still be enforced if an event of default occurs.

(89)	The increase from the Most Recent NOI (if past 2019) ($) to Underwritten Net Operating Income ($) at the Mortgaged Property is primarily attributable to the impact of COVID-19 pandemic on the Mortgaged Property.

(90)	The borrower was required at loan origination to deposit $2,311,667 (the “Minimum Balance”) into the Upfront Debt Service Reserve ($) (amount so deposited referred to as “Debt Service Reserve Funds”), which consists of (i) a transfer on December 9, 2020 of $945,384 previously deposited by the borrower into an FF&E reserve, (ii) an additional deposit from the borrower on December 9, 2020 of $1,248,110, and (iii) an additional deposit from the borrower on the monthly payment date occurring in January, 2021 of $118,173). Provided no event of default has occurred and is continuing, upon written request from the borrower at any time following the date upon which the net cash flow debt yield is equal to or greater than 9.50% for two consecutive calendar quarters, the lender is required to disburse the Debt Service Reserve Funds as follows: (i) $1,155,833.50 is required to be deposited into the FF&E reserve and held and applied in accordance with the Hotel ZaZa Houston Museum District Loan documents, and (ii) $1,155,833.50 plus any accrued interest on the Debt Service Reserve Funds is required to be disbursed to the borrower.

(91)	With respect to the Hotel ZaZa Houston Museum District Mortgage Loan, the related Mortgage Loan documents permit the borrower to incur unsecured loans pursuant to the Paycheck Protection Program (the “PPP”) administered by the United States Small Business Administration in accordance with the Coronavirus Aid, Relief, and Economic Security Act of 2020, and the borrower obtained a loan in the amount of approximately $2,493,400 under the PPP in April 2020.

(92)	The increase by 10% or more from Most Recent NOI (if past 2019) ($) to Underwritten Net Operating Income ($) is primarily attributable to (a) the borrower deferring 1.5 months of rent for Touro College (0.5 months from May through July) due to COVID-19, (b) deferring one month of rent for Steps to Success V due to COVID-19, (c) Golden Tree commencing contractual rent payment in May 2020 due to the six months of free rent it received pursuant to its November 2019 lease, (d) the new lease with Small Friend Vet Clinic commencing rent payment in 2020, and (e) general rent steps for in-place tenancy.

(93)	The Largest Tenant, Touro College, has the right to terminate its lease effective January 1, 2022 with nine months’ notice.

(94)	During any period commencing upon the occurrence of either (i) Touro College not renewing its lease or (ii) Touro College giving notice that it is terminating its lease for all or any portion of its space, the borrower is required to deposit into the Touro leasing reserve on each monthly payment date the sum of $111,000 for tenant improvements and leasing commissions that may be incurred and expiring upon the borrower re-leasing the entire Touro College space. If the balance of the Touro leasing reserve is less than $1,500,000 on the date that Touro College vacates its space, the borrower will be required to make a true up payment into the Touro College leasing reserve to bring the balance to $1,500,000. Additionally, if the balance in the leasing reserve is less than $1,000,000 on the date that Touro College fails to extend or renew its lease, the borrower will be required to make a true up payment into the Touro College leasing reserve to bring the balance up to $1,000,000.

(95)	The Largest Tenant, County of Los Angeles (the “County”), has one termination option effective as of the last day of the 60th month of its lease (February 28, 2025) with nine months’ notice. The maturity date of the loan is January 6, 2026. The loan is structured with a springing reserve relating to such termination option that requires the borrower to deposit $115,000 each month for the six months immediately preceding such termination option notice date (May 6, 2024). If the County does not give notice that it is exercising its right to terminate the lease by such date, such reserved funds will be released to the borrower. The County has certain other termination rights in connection with the failure of the landlord to perform certain obligations, including if the County requests the completion of certain tenant improvements under its lease and the landlord fails to obtain a building permit within a reasonable time after such request or if the tenant improvements have not been completed within 180 days after the commencement date for such tenant improvement work.

(96)	The increase from Most Recent NOI (if past 2019) ($) to Underwritten NOI ($) is primarily due to the County’s new, eight-year lease (executed in February 2020) bringing their rent to market.

(97)	The increase by 10% or more from Most Recent NOI (if past 2019) ($) to Underwritten Net Operating Income ($) is primarily attributable to the Mortgaged Property reaching 100% occupancy, current tenant contractual rents, and contractual rent steps.

(98)	The Largest Tenant, Commonwealth of VA - VEC, has the right to terminate its lease if any session of the Virginia General Assembly fails to appropriate funds for the continuance of the lease for all Commonwealth of VA - VEC space, the lease will automatically terminate upon depletion of then currently appropriated or allocated funds. If there is more than one Commonwealth of VA - VEC space, the tenant will have the right to delete space occupied by such tenant and reduce rent accordingly.


(99)	The Fourth Largest Tenant, ComfortZone Camp, Inc., has a one-time right to terminate its lease effective on November 1, 2024 upon 120 days' notice. The tenant will be required to pay a termination fee equal to one month of then-escalated base rent.

(100)	The borrower will not be required to make monthly deposits into the replacement reserve if the balance of the reserve equals or exceeds an amount equal to 60 months of replacement reserve deposits.

(101)	Historical occupancy is not available as the Mortgaged Property recently received material renovations.

(102)	Historical cash flow information is not available because the Mortgaged Property was recently acquired.

(103)	The Largest Tenant, Big G Express, representing approximately 40.0% of the net rentable area, leases 80,106 SF expiring on December 15, 2030 and 40,500 SF expiring on December 15, 2023.

(104)	On each Due Date, if and to the extent the amount contained in the TI/LC reserve account is less than $350,000, the borrower is required to deposit into the TI/LC reserve account an Ongoing TI/LC Reserve ($) amount equal to $6,250.

(105)	The increase by 10% or more from Most Recent NOI (if past 2019) ($) to Underwritten Net Operating Income ($) is primarily attributable to current tenant contractual rents and contractual rent steps.

(106)	Historical occupancy is not available as the Mortgaged Property was recently constructed in 2019.

(107)	Historical occupancy is not available as the Mortgaged Property was recently constructed in 2019.

(108)	The Mortgaged Property is newly acquired, and some historical financial information is not available.

(109)	The Mortgaged Property was purchased in August 2017 was converted to apartments in phases with individual residential buildings being completed in 2018, 2019, and 2020, thus no historical operating statements are available for 2017, 2018, and 2019.

(110)	With respect to the Backlot Apartments Mortgage Loan, based on the rent roll dated January 1, 2021 and excluding commercial units, 54 tenants at the related Mortgaged Property, representing approximately 19.4% of all occupied units and approximately 19.1% of underwritten rent, lease their units pursuant to month-to-month leases, and 223 tenants, representing approximately 79.9% of all occupied units and approximately 80.2% of underwritten rent, lease their units pursuant to leases with original terms of seven months. From and after loan origination, the borrower is required to enter into leases with a term of not less than seven months, and will continue to be permitted to enter into month-to-month leases, so long as at the time the borrower enters into such month-to-month leases, such month-to-month leases will not result in more than 25% of the aggregate net cash flow received by the borrower coming from month-to-month leases.

(111)	The Backlot Apartments Mortgaged Property is a multifamily property with 296 multifamily units and 6,301 square feet of commercial space. The multifamily space is structured with a soft lockbox, and the commercial space is structured with a hard lockbox.

(112)	The Mortgaged Property consists of an eight building industrial park as of the Cut-off Date; however, the borrower has the option to release the two buildings that are located on a separate parcel on the eastern portion of the Mortgaged Property (7756 Trade Street and 7776 Trade Street). The appraised value and underwritten cash flow both exclude these two buildings, and thus no release price will be associated with obtaining their release. Historical cash flow information is not available because there are no historical statements which only reflect income from the six buildings.


(113)	The Largest Tenant, Constellation Brands, Inc., representing approximately 45.1% of the net rentable area, subleases its entire space to Athletic Brewing Company, LLC through April 2032 at the same rent as the prime lease. Athletic Brewing Company, LLC subleases 30,069 SF of its space to Kings & Convicts BP, LLC, dba Ballast Point Brewing Company on a month-to-month basis at $0.75 PSF monthly.

(114)	The Mortgaged Property is newly constructed, and some historical financial information is not available.

(115)	The Spring Glen Apartments Mortgaged Property is a 95-unit multifamily property with an additional 56 units of mini-storage. The mini-storage units account for approximately 4.8% of Underwritten EGI ($).

(116)	The increase from Most Recent NOI (if past 2019) ($) to Underwritten NOI ($) is primarily due to increased occupancy and increased rents on recently renovated apartments.

(117)	The borrower is required to make monthly escrow deposits into a tenant improvement and leasing commissions reserve in the amount of $1.00 PSF per annum, commencing in September 2024 (60 months prior to Tesla’s lease expiration in August 2029).

(118)	The Tesla Schaumberg Mortgaged Property was extensively renovated in 2019 to fit Tesla’s specifications. Tesla took occupancy in July 2019 with rent commencing in August 2019, thus no historical operating statements were available for 2018 and 2017.

(119)	The sole tenant, Tesla, has a termination option (exercisable upon five (5) days’ written notice to landlord) if it is prevented from using the premises for 120 consecutive days or longer due to a material interference, which is defined as (i) landlord’s default (ii) activities or omissions of landlord including any maintenance, construction, renovations or improvements related to the premises, the building or the land, (iii) the presence of hazardous materials not caused by the Tesla, or (iv) use prohibitions contained in any document recorded against the premises not approved or accepted by Tesla prior to lease execution, in each case that (A) renders all or a material part of the premises unusable by Tesla for the permitted use or (B) causes Tesla’s sales from the premises to be reduced by 50% or more.

(120)	Ongoing TI/LC Reserves ($) will be waived through January 5, 2025. Beginning January 6, 2025, the borrower is required to deposit $1,640 per month into a TI/LC reserve account, with a cap of $80,000.

(121)	The 211 Saw Mill Mortgaged Property was constructed in 2018, thus no historical operating statements were available for 2018 and 2017.

(122)	On or prior to the date which is nine months prior to the natural expiration date of the Neighborhood Enterprise Zone Exemption Certificates, the borrower shall cause a termination of the condominium at the Mortgaged Property.

(123)	The increase from Most Recent NOI (if past 2019) ($) to Underwritten NOI ($) is primarily due to new leasing in 2020, lower taxes, and a lower management fee.

(124)	Historical occupancy is not available as the Mortgaged Property was recently acquired at origination.

(125)	The Largest Tenant, Alibaba, representing approximately 27.8% of the net rentable area, is paying rent for the 7th, 8th, and 9th floors, but is occupying only the 7th and 8th floors, and is offering the 9th floor space for sublease.

(126)	The Mortgaged Property consists primarily of office space, but also includes retail space (representing 9.0% of underwritten gross income) and eight affordable housing apartment units (representing 1.0% of underwritten gross income). Pursuant to a recorded regulatory agreement, such apartments units are subject to limitations on their tenancy and rent for a term of 59 years (which commenced in 2017).

Benchmark 2021-B23 Annex A

Control Number	Loan / Property Flag	Footnotes	Mortgage Loan Seller	Grace Period- Default	Prepayment Provision (3)	2017 EGI ($)	2017 Expenses ($)	2017 NOI ($)	2018 EGI ($)
1	Loan	9, 10, 11, 125	JPMCB, GACC	0	Lockout/25_Defeasance/90_0%/5	N/A	N/A	N/A	16,457,303
2	Loan	8, 12, 13, 14	GSMC	0	Lockout/25_Defeasance/30_0%/5	12,492,137	2,779,147	9,712,990	13,171,355
3	Loan	8, 15, 16, 17, 18, 19, 20, 21	GACC	0	Lockout/12_ YM1%/101_0%/7	N/A	N/A	N/A	N/A
4	Loan	8, 22, 23, 24, 25, 26, 27	GSMC	0	Lockout/24_Defeasance/91_0%/5	23,410,018	8,783,998	14,626,020	25,191,774
5	Loan	8, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37	CREFI, GACC	0	YM0.5%/35_Defeasance or YM0.5%/78_0%/7	2,161,960,165	1,556,922,957	605,037,208	2,191,540,530
5.01	Property					1,179,680,639	834,995,842	344,684,797	1,226,105,346
5.02	Property					982,279,526	721,927,115	260,352,411	965,435,184
6	Loan	8, 38, 39, 40, 41, 42, 43, 44	JPMCB	0	Lockout/3_YM1%/113_0%/4	13,166,469	3,537,767	9,628,702	14,107,319
7	Loan	45	GSMC	0	Lockout/24_Defeasance/92_0%/4	N/A	N/A	N/A	7,732,754
8	Loan	46	CREFI	0	Lockout/25_Defeasance/91_0%/4	N/A	N/A	N/A	N/A
9	Loan	8, 47, 48, 49, 50, 51, 52, 53, 54	JPMCB, GACC	0	Lockout/26_Defeasance or YM1%/87_0%/7	113,255,664	46,095,990	67,159,674	122,739,552
10	Loan	8, 11, 55, 56, 57, 58, 59, 60, 61	JPMCB	0	Lockout/24_YM1%/2_Defeasance or YM1%/90_0%/4	21,457,651	8,631,544	12,826,107	21,608,519
11	Loan	62	CREFI	0	Lockout/24_Defeasance/92_0%/4	N/A	N/A	N/A	7,317,111
12	Loan		CREFI	0	Lockout/25_Defeasance or YM1%/91_0%/4	N/A	N/A	N/A	N/A
13	Loan	8, 63, 126, 128	GACC	0	Lockout/24_YM1%/1_Defeasance or YM1%/88_0%/7	N/A	N/A	N/A	N/A
14	Loan	8, 64, 65, 66, 67, 68, 69	JPMCB	0	Lockout/25_Defeasance/92_0%/3	N/A	N/A	N/A	18,343,379
14.01	Property					N/A	N/A	N/A	N/A
14.02	Property					N/A	N/A	N/A	N/A
15	Loan	70	JPMCB	5 (Once per 12 Month Period)	Lockout/25_Defeasance/89_0%/6	N/A	N/A	N/A	N/A
16	Loan	8, 71, 72, 73	GSMC	0	Lockout/35_Defeasance/78_0%/7	N/A	N/A	N/A	N/A
17	Loan	8, 11, 61, 74, 75	JPMCB	0	Lockout/24_Defeasance or YM1%/92_0%/4	19,006,696	8,151,813	10,854,883	18,970,139
18	Loan	8, 76, 77, 78, 79, 80, 81	GSMC	0	Lockout/94_Defeasance/22_0%/4	N/A	N/A	N/A	44,116,602
18.01	Property					N/A	N/A	N/A	15,810,647
18.02	Property					N/A	N/A	N/A	7,525,634
18.03	Property					N/A	N/A	N/A	6,022,556
18.04	Property					N/A	N/A	N/A	81,584
18.05	Property					N/A	N/A	N/A	6,336,779
18.06	Property					N/A	N/A	N/A	3,872,365
18.07	Property					N/A	N/A	N/A	2,165,849
18.08	Property					N/A	N/A	N/A	1,694,880
18.09	Property					N/A	N/A	N/A	606,308
19	Loan	11, 61	JPMCB	0	Lockout/24_YM1%/1_Defeasance or YM1%/91_0%/4	3,984,001	1,621,009	2,362,992	4,666,994

Benchmark 2021-B23 Annex A

Control Number	Loan / Property Flag	Footnotes	Mortgage Loan Seller	2018 Expenses ($)	2018 NOI ($)	2019 EGI ($)	2019 Expenses ($)	2019 NOI ($)	Most Recent EGI (if past 2019) ($)
1	Loan	9, 10, 11, 125	JPMCB, GACC	5,158,512	11,298,791	21,001,264	5,440,324	15,560,940	N/A
2	Loan	8, 12, 13, 14	GSMC	3,120,392	10,050,963	14,163,501	3,148,266	11,015,235	14,590,482
3	Loan	8, 15, 16, 17, 18, 19, 20, 21	GACC	N/A	N/A	3,907,979	2,198,027	1,709,952	4,273,604
4	Loan	8, 22, 23, 24, 25, 26, 27	GSMC	9,017,791	16,173,983	25,024,486	9,421,017	15,603,469	26,444,348
5	Loan	8, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37	CREFI, GACC	1,574,171,264	617,369,266	2,106,295,488	1,586,215,135	520,080,353	1,157,516,861
5.01	Property			854,539,115	371,566,231	1,161,850,748	879,242,083	282,608,665	662,869,240
5.02	Property			719,632,149	245,803,035	944,444,740	706,973,052	237,471,688	494,647,621
6	Loan	8, 38, 39, 40, 41, 42, 43, 44	JPMCB	5,034,876	9,072,443	15,357,144	5,337,329	10,019,815	16,674,600
7	Loan	45	GSMC	2,872,905	4,859,849	8,954,273	2,939,359	6,014,914	10,573,853
8	Loan	46	CREFI	N/A	N/A	N/A	N/A	N/A	N/A
9	Loan	8, 47, 48, 49, 50, 51, 52, 53, 54	JPMCB, GACC	49,532,888	73,206,665	102,917,243	50,379,050	52,538,193	97,004,029
10	Loan	8, 11, 55, 56, 57, 58, 59, 60, 61	JPMCB	9,303,290	12,305,229	23,768,809	10,609,018	13,159,791	25,412,122
11	Loan	62	CREFI	2,500,427	4,816,684	7,528,003	2,698,257	4,829,746	7,770,506
12	Loan		CREFI	N/A	N/A	2,822,399	557,422	2,264,977	5,235,622
13	Loan	8, 63, 126, 128	GACC	N/A	N/A	6,360,682	1,891,648	4,469,034	N/A
14	Loan	8, 64, 65, 66, 67, 68, 69	JPMCB	10,336,817	8,006,562	17,988,387	9,262,505	8,725,882	18,277,946
14.01	Property			N/A	N/A	N/A	N/A	N/A	N/A
14.02	Property			N/A	N/A	N/A	N/A	N/A	N/A
15	Loan	70	JPMCB	N/A	N/A	N/A	N/A	N/A	N/A
16	Loan	8, 71, 72, 73	GSMC	N/A	N/A	93,677,197	65,123,527	28,553,670	48,245,221
17	Loan	8, 11, 61, 74, 75	JPMCB	8,128,280	10,841,859	20,491,196	7,886,173	12,605,023	21,395,615
18	Loan	8, 76, 77, 78, 79, 80, 81	GSMC	15,101,012	29,015,590	47,023,281	15,199,494	31,823,787	50,926,542
18.01	Property			4,941,172	10,869,475	16,508,277	4,898,500	11,609,777	16,367,507
18.02	Property			2,370,260	5,155,374	8,003,409	2,356,032	5,647,377	8,045,441
18.03	Property			1,810,219	4,212,337	5,986,528	1,770,647	4,215,881	6,117,617
18.04	Property			1,020,288	(938,704)	1,213,987	1,103,062	110,925	5,310,387
18.05	Property			2,166,842	4,169,937	6,536,184	2,156,371	4,379,813	6,392,382
18.06	Property			1,172,204	2,700,161	3,970,856	1,293,708	2,677,148	3,810,363
18.07	Property			685,440	1,480,409	2,218,442	673,088	1,545,354	2,097,694
18.08	Property			635,693	1,059,187	1,859,385	617,059	1,242,326	1,933,043
18.09	Property			298,894	307,414	726,213	331,027	395,186	852,108
19	Loan	11, 61	JPMCB	1,739,051	2,927,943	5,177,990	1,794,218	3,383,772	4,873,684

Benchmark 2021-B23 Annex A

Control Number	Loan / Property Flag	Footnotes	Mortgage Loan Seller	Address	City	State	Zip Code
20	Loan	8, 71, 82, 83, 84, 85, 86	GSMC	711 5th Avenue	New York	New York	10022
21	Loan	8, 87, 88, 89, 90, 91	CREFI	5701 Main Street	Houston	Texas	77005
22	Loan	92, 93, 94	CREFI	350-62 Neptune Avenue	Brooklyn	New York	11235
23	Loan		CREFI	4655 East Liberty Street	Mexico	Missouri	65265
24	Loan	11, 61	JPMCB	16365 North Marketplace Boulevard	Nampa	Idaho	83689
25	Loan	95, 96	GACC	2601 Wilshire Boulevard	Los Angeles	California	90057
26	Loan	97, 98, 99, 100	CREFI	6606 West Broad Street	Richmond	Virginia	23230
27	Loan	101	CREFI	104 Delancey Street	New York	New York	10002
28	Loan	102, 103, 104	GSMC	880 Butler Drive	Murfreesboro	Tennessee	37127
29	Loan	105	CREFI	1400 North 25th Avenue	Melrose Park	Illinois	60160
30	Loan	106	CREFI	2520 South 8th Street	Minneapolis	Minnesota	55454
31	Loan	107	CREFI	63 West 104th Street	New York	New York	10025
32	Loan	108	JPMCB	2300 Route 33	Robbinsville Township	New Jersey	08691
33	Loan	109, 110, 111	GACC	8600 West Irlo Bronson Memorial Highway	Kissimmee	Florida	34747
34	Loan		CREFI	1623 Flatbush Avenue	Brooklyn	New York	11210
35	Loan	112, 113	GSMC	7606, 7652, 7670, 7692, 7706, 7726, 7756 & 7776 Trade Street	San Diego	California	92121
36	Loan		CREFI	206-20 Linden Boulevard	Cambria Heights	New York	11411
37	Loan		CREFI
37.01	Property			1100 Boyce Road	Pittsburgh	Pennsylvania	15241
37.02	Property			4440 Broadway Boulevard	Monroeville	Pennsylvania	15146
38	Loan		CREFI	9900 Stirling Road	Hollywood	Florida	33024
39	Loan		GSMC	555 North Daniels Way	Bloomington	Indiana	47404
40	Loan	114	JPMCB	7730 Centennial Drive	Memphis	Tennessee	38125
41	Loan	115, 116, 127	GACC	1625 Scenic Drive	Modesto	California	95355
42	Loan		CREFI	4040 Tulane Avenue	New Orleans	Louisiana	70119
43	Loan	117, 118, 119	GACC	320 West Golf Road	Schaumburg	Illinois	60195
44	Loan	120, 121	GACC	211 Saw Mill River Road	Hawthorne	New York	10532
45	Loan	122	CREFI	1551 Winder Street	Detroit	Michigan	48207
46	Loan		CREFI	2900 Ford Road	Bristol	Pennsylvania	19007
47	Loan	123	GACC	3805 South Smithfield Road	Knightdale	North Carolina	27545
48	Loan		CREFI	5267 East Simpson Ferry Road	Mechanicsburg	Pennsylvania	17050
49	Loan		CREFI
49.01	Property			466 Hilliard Rome Road	Columbus	Ohio	43228
49.02	Property			2614 Highway 98 West	Mary Esther	Florida	32569
50	Loan	124	CREFI	6003 14th Street West	Bradenton	Florida	34207
51	Loan	124	CREFI	1515 Equity Drive	Troy	Michigan	48084
52	Loan		CREFI	135 Maple Carriage Drive and 38515 Midland Trail East	Lewisburg and White Sulphur Springs	West Virginia	24901 and 24986

Benchmark 2021-B23 Annex A

Control Number	Loan / Property Flag	Footnotes	Mortgage Loan Seller	General Property Type	Detailed Property Type	Year Built	Year Renovated	Units, Pads, Rooms, SF	Unit Description	Loan Per Unit ($)
20	Loan	8, 71, 82, 83, 84, 85, 86	GSMC	Mixed Use	Office/Retail	1927	2013-2019	340,024	SF	1,602.83
21	Loan	8, 87, 88, 89, 90, 91	CREFI	Hospitality	Full Service	1925	1968, 2005-2007	315	Rooms	190,476.19
22	Loan	92, 93, 94	CREFI	Mixed Use	Office/Retail	2016	NAP	71,485	SF	279.08
23	Loan		CREFI	Industrial	Warehouse/Distribution	1997	2016	900,000	SF	22.03
24	Loan	11, 61	JPMCB	Retail	Anchored	2007	NAP	295,561	SF	62.41
25	Loan	95, 96	GACC	Office	CBD	1952, 1954	1999	70,791	SF	258.51
26	Loan	97, 98, 99, 100	CREFI	Office	Suburban	1978	2018	195,426	SF	92.46
27	Loan	101	CREFI	Office	Medical	1990	2005, 2020	11,250	SF	1,466.67
28	Loan	102, 103, 104	GSMC	Industrial	Warehouse/Distribution	1988	2008	301,606	SF	50.48
29	Loan	105	CREFI	Industrial	Manufacturing	1957, 1963	2018, 2019	456,417	SF	32.16
30	Loan	106	CREFI	Multifamily	Mid Rise	2019	NAP	85	Units	164,705.88
31	Loan	107	CREFI	Multifamily	Mid Rise	2019	NAP	34	Units	389,705.88
32	Loan	108	JPMCB	Office	Suburban	2005	NAP	47,188	SF	280.35
33	Loan	109, 110, 111	GACC	Multifamily	Garden	1973	2018	296	Units	42,449.32
34	Loan		CREFI	Mixed Use	Office/Retail	1962	2015	27,808	SF	449.51
35	Loan	112, 113	GSMC	Industrial	Warehouse	1979	NAP	189,056	SF	66.01
36	Loan		CREFI	Office	Medical	1974	2008	26,918	SF	427.22
37	Loan		CREFI	Self Storage	Self Storage			169,562	SF	61.65
37.01	Property			Self Storage	Self Storage	1998	NAP	85,750	SF
37.02	Property			Self Storage	Self Storage	1990	NAP	83,812	SF
38	Loan		CREFI	Office	Medical	1990	NAP	62,541	SF	149.50
39	Loan		GSMC	Industrial	Manufacturing	1996	2005	125,000	SF	68.00
40	Loan	114	JPMCB	Hospitality	Full Service	2019	NAP	129	Rooms	61,287.44
41	Loan	115, 116, 127	GACC	Multifamily	Garden	1965, 1997	2018-2019	95	Units	75,157.89
42	Loan		CREFI	Self Storage	Self Storage	1960	1995	147,129	SF	46.55
43	Loan	117, 118, 119	GACC	Retail	Other	2000	2019	27,032	SF	251.55
44	Loan	120, 121	GACC	Industrial	Warehouse/Distribution	2018	NAP	81,000	SF	83.33
45	Loan	122	CREFI	Mixed Use	Multifamily/Retail	1891	2015	57,659	SF	116.20
46	Loan		CREFI	Self Storage	Self Storage	1989	2019	78,525	SF	82.78
47	Loan	123	GACC	Self Storage	Self Storage	1998	2017-2018, 2020	76,925	SF	83.73
48	Loan		CREFI	Self Storage	Self Storage	1970	NAP	62,475	SF	91.24
49	Loan		CREFI	Self Storage	Self Storage			87,469	SF	58.31
49.01	Property			Self Storage	Self Storage	1995	NAP	49,700	SF
49.02	Property			Self Storage	Self Storage	1989	1996	37,769	SF
50	Loan	124	CREFI	Retail	Single Tenant Retail	2005	NAP	14,490	SF	303.66
51	Loan	124	CREFI	Industrial	Flex	2004	2015	46,650	SF	87.89
52	Loan		CREFI	Self Storage	Self Storage	2016	NAP	54,666	SF	64.94


(127)	With respect to the Spring Glen Apartments Mortgage Loan, 27 tenants at the related Mortgaged Property, representing approximately 28.4% of the units, lease their units pursuant to month-to-month leases, and 45 tenants, representing approximately 47.5% of the units, lease their units pursuant to leases with original terms of six months. In addition, the related loan agreement requires lender approval for any residential lease that does not have an initial term of at least nine months and a total term of not more than two years; provided, however, residential leases with an initial term of not less than six months will be permitted without lender approval, so long as the number of such leases at any given time does not exceed 10% of the total number of residential units at the Mortgaged Property.

(128)	The increase from Most Recent NOI (if past 2019) ($) to Underwritten NOI ($) is primarily due to the inclusion of (i) contractual rent steps through January 1, 2022 ($139,494) and (ii) straight line rent steps for First Republic Bank through the 10-year ARD period ($580,023).


	MORTGAGE POOL CHARACTERISTICS

	Mortgage Pool Characteristics
	Initial Pool Balance	$1,530,900,153
	Number of Mortgage Loans	53
	Number of Mortgaged Properties	65
	Average Cut-off Date Balance	$28,884,908.55
	Weighted Average Mortgage Rate	3.21322%
	Weighted Average Remaining Term to Maturity/ARD (months)	112
	Weighted Average Remaining Amortization Term (months)	360
	Weighted Average Cut-off Date LTV Ratio	53.5%
	Weighted Average Maturity Date/ARD LTV Ratio	51.6%
	Weighted Average UW NCF DSCR	3.14x
	Weighted Average Debt Yield on Underwritten NOI	11.6%
	% of Initial Pool Balance of Mortgage Loans that are Amortizing Balloon	3.8%
	% of Initial Pool Balance of Mortgage Loans that are Interest Only then Amortizing Balloon	12.0%
	% of Initial Pool Balance of Mortgage Loans that are Amortizing then Interest Only	6.8%
	% of Initial Pool Balance of Mortgage Loans that are Interest Only	69.7%
	% of Initial Pool Balance of Mortgage Loans that are Interest Only - ARD	7.6%
	% of Initial Pool Balance of Mortgaged Properties with Single Tenants	16.9%
	% of Initial Pool Balance of Mortgage Loans with Mezzanine Debt	14.5%
	% of Initial Pool Balance of Mortgage Loans with Subordinate Debt	24.6%

Mortgage Loans by Loan Seller
Mortgage Loan Seller	Mortgage Loans	Mortgaged Properties	Aggregate Cut-off Date Balance	% of Initial Pool Balance
Citi Real Estate Funding Inc.	24	26	380,377,674	24.8%
Goldman Sachs Mortgage Company	9	17	378,805,015	24.7%
JPMorgan Chase Bank, National Association	9	10	316,395,105	20.7%
German American Capital Corporation	8	8	204,322,359	13.3%
JPMorgan Chase Bank, National Association, German American Capital Corporation	2	2	176,000,000	11.5%
Citi Real Estate Funding Inc., German American Capital Corporation	1	2	75,000,000	4.9%
Total	53	65	1,530,900,153	100.0%


Top 10 Mortgage Loans
Top 10 Mortgage Loans	Mortgage Loan Seller	Cut-off Date Balance ($)	% of Initial Pool Balance	Cut-off Date LTV	UW NOI DY	UW NCF DSCR (x)	General Property Type
860 Washington	JPMCB, GACC	116,000,000	7.6%	48.3%	12.0%	4.58	Mixed Use
Millennium Corporate Park	GSMC	105,000,000	6.9%	60.9%	10.0%	3.13	Office
360 Spear	GACC	104,726,660	6.8%	40.3%	13.1%	2.13	Office
Phillips Point	GSMC	75,000,000	4.9%	68.7%	9.7%	2.78	Office
MGM Grand & Mandalay Bay	CREFI, GACC	75,000,000	4.9%	35.5%	17.9%	4.95	Hospitality
Pittock Block	JPMCB	75,000,000	4.9%	42.9%	8.5%	2.38	Mixed Use
Waterway Plaza	GSMC	66,000,000	4.3%	60.0%	12.8%	3.72	Office
Leonardo DRS Industrial	CREFI	63,700,000	4.2%	64.1%	8.9%	2.63	Industrial
The Grace Building	JPMCB, GACC	60,000,000	3.9%	41.1%	11.8%	4.25	Office
Station Park & Station Park West	JPMCB	58,700,000	3.8%	50.0%	14.0%	3.92	Mixed Use


Property Types
Property Type / Detail	Number of Mortgaged Properties	Aggregate Cut-off Date Balance ($)	% of Initial Pool Balance
Office	24	662,175,585	43.3%
CBD	14	339,626,660	22.2%
Suburban	7	285,198,925	18.6%
Medical	3	37,350,000	2.4%
Mixed Use	8	357,950,000	23.4%
Office/Retail	4	175,950,000	11.5%
Office/Retail/Data Center	1	75,000,000	4.9%
Retail/Office/Hospitality	1	58,700,000	3.8%
Office/Retail/Multifamily	1	41,600,000	2.7%
Multifamily/Retail	1	6,700,000	0.4%
Industrial	10	184,059,189	12.0%
Warehouse/Distribution	4	77,300,000	5.0%
Flex	2	67,800,000	4.4%
Manufacturing	3	26,479,174	1.7%
Warehouse	1	12,480,015	0.8%
Hospitality	5	137,906,080	9.0%
Full Service	5	137,906,080	9.0%
Retail	5	97,260,100	6.4%
Anchored	3	86,060,100	5.6%
Other	1	6,800,000	0.4%
Single Tenant Retail	1	4,400,000	0.3%
Multifamily	4	46,955,000	3.1%
Mid Rise	2	27,250,000	1.8%
Garden	2	19,705,000	1.3%
Self Storage	9	44,594,199	2.9%
Total	65	1,530,900,153	100.0%


Geographic Distribution
Property Location	Number of Mortgaged Properties	Aggregate Cut-off Date Balance ($)	% of Initial Pool Balance
New York	9	283,950,000	18.5%
California	6	187,546,675	12.3%
Washington	11	171,715,100	11.2%
Florida	6	150,215,000	9.8%
Pennsylvania	7	105,554,000	6.9%
Texas	2	86,000,000	5.6%
Nevada	2	75,000,000	4.9%
Oregon	1	75,000,000	4.9%
Wisconsin	1	63,700,000	4.2%
Utah	1	58,700,000	3.8%
Tennessee	3	58,131,080	3.8%
Illinois	3	56,979,174	3.7%
Idaho	2	53,445,000	3.5%
Missouri	1	19,825,000	1.3%
Virginia	1	18,070,000	1.2%
Minnesota	1	14,000,000	0.9%
New Jersey	1	13,228,925	0.9%
Michigan	2	10,800,000	0.7%
Indiana	1	8,500,000	0.6%
Louisiana	1	6,849,500	0.4%
North Carolina	1	6,440,699	0.4%
Ohio	1	3,700,000	0.2%
West Virginia	1	3,550,000	0.2%
	65	1,530,900,153	100.0%


Distribution of Amortization Types
Amortization Type	Number of Mortgage Loans	Cut-off Date Balance ($)	% of Initial Pool Balance
Interest Only	32	1,067,495,100	69.7%
Interest Only, Then Amortizing	12	183,243,500	12.0%
Interest Only - ARD	2	116,600,000	7.6%
Amortizing, Then Interest Only	1	104,726,660	6.8%
Amortizing	6	58,834,893	3.8%
	53	1,530,900,153	100.0%